In its latest global outlook, Barclays Capital said there is little chance for a double-dip recession and the recent economic slowdown is typical four-to-six quarters into a recovery.

"Moreover, because memories of recession are still fresh and levels of activity low at this point in the cycle, this transition phase usually generates a high level of anxiety and is accompanied by a setback in risky asset markets and new cycle lows in risk free and policy rates," wrote Larry Kantor, the head of research for Barclays.

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